By Sheri Kasprzak
New York, July 25 - Workstream Inc. is gearing up to close a $20 million private placement.
The company received definitive agreements for warrants convertible into 16 million common shares at $1.25 each.
The warrants include 25% coverage, equal to 4 million common shares, exercisable at $1.40 each for five years.
Proceeds will be used for the repayment of existing debt and payables, as well as for working capital and growth capital purposes, including the acceleration of sales and marketing efforts and the expansion of its technology foundation.
The deal is set to close in 10 days.
Based in Burlingame, Calif., Workstream provides on-demand compensation, performance and talent-management solutions.
| Issuer: | Workstream Inc.
|
| Issue: | Warrants
|
| Amount: | $20 million
|
| Warrants: | For 16 million shares
|
| Warrant strike price: | $1.25
|
| Additional warrants: | For 4 million additional shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.40
|
| Announcement date: | July 25
|
| Stock symbol: | Nasdaq: WSTM
|
| Stock price: | $1.24 at close July 25
|
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